FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2012

Financial Instruments, Owned, at Fair Value [Abstract]

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS

The fair values of the financial instruments listed below have been determined by the Company using available market information and appropriate valuation methodologies.

	December 31, 2012						December 31, 2011
	Carrying Value			Fair Value			Carrying Value			Fair Value
	(In thousands)
Assets:
Cash and cash equivalents	$	749,977		$	749,977		$	704,153		$	704,153
Marketable securities	20,604			20,604			165,695			165,695
Long-term marketable equity securities	31,244			31,244			74,691			74,691
Liabilities:
Current maturities of long-term debt	(15,844		)	(15,875		)	—			—
Long-term debt, net of current maturities	(580,000		)	(581,994		)	(95,844		)	(93,339		)

The carrying value of cash equivalents approximates fair value due to their short-term maturity. The fair value of long-term debt, including current maturities, is estimated using quoted market prices or indices for similar liabilities and taking into consideration other factors such as credit quality and maturity. See Note 2 for description of the method used to determine the fair value of marketable securities and long-term marketable equity securities. The fair value of long-term debt, including current maturities, is determined only for disclosure purposes and is based on Level 3 inputs.